The new bank, which will fund infrastructure and development projects throughout the developing nations, will mark the first formal institution set up by the BRICS group, which includes Brazil, Russia,India, China and South Africa.

"I actually think that what they ended up delivering was quite promising. You don't necessarily want an institution set up without the proper background information, because once institutions are set up, they're not dismantled very easily," said Bracht.

"The global economic growth rate is slow, and BRICS economic growth is slowing. But, that does not mean that BRICS countries' economies are slipping down the slope," said Chinese President Xi Jinping. "On the contrary, the potential of BRICS development is infinite. Industrialization, urbanization and the spread of IT applications, and more agricultural modernization will generate huge energy and will create big market opportunities."

In addition to the bank, another permanent institution called the BRICS Business Council was also launched. The council will endeavor to lend additional momentum to trade and investment.

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